currency history about currency notes

8/14/2019 currency History about currency notes

1/15

1) Sir Osborne Smith : 01-04-1935 to 30-06

1937

The first Governor, Sir Osborne Smith did not sign n! bn" notes, he servedover #0 !ers $ith the %n" of &e$ So'th (es nd 10 !ers $ith the *ommon$eth %

of +'stri before oming to ndi in 19#6 s .nging Governor of the m/eri %n" of

ndi

#)Sir James Taylor : 01-07-1937 to 17-0#-1943

The first eserve %n" iss'es $ere signed b! the seond Governor, Sir 2mes

T!or

3)Sir C D Deshmukh : 11-0-1943 to 30-06-194


2/15

4) Sir Benegal Rama Rau : 01-07-1949 to 14-01

1957

5) K G mbegaonkar : 14-01-1957 to #-0#-195

e forged oser onnetions bet$een gri't'r enter/rise nd the eserv%n"s o/ertions G +mbegon"r did not sign n! bn" notes

!) " # R $engar : 01-03-1957 to #-0#-196#


3/15

P C Bhattacharya 01-03-1962 to 30-06-

P C Bhattacharya, a member of the Indian Adit and Accont !er"ice, #er"ed a#!ecretary in the $inance %ini#try and &ater a# Chairman of the !tate Ban' of India pri

to hi# appointment a# (o"ernor)

*i# tenre #a+ the e#tab&i#hment of the Ind#tria& e"e&opment Ban' of India 196./,and the e#tab&i#hment of the Aric&tra& efinance Corporation 1963/ and the nitTr#t of India 196./)

ther de"e&opment# +ere the introdction of the Credit Athori#ation !cheme a# an

in#trment of Credit e&ation, the de"a&ation of the pee in 1966, +ith a pac'ae

mea#re# inc&din import &ibera&i#ation and e&imination of e4port #b#idie#)

5 ha 01-07-1967 to 03-08-

5 ha, a member of the Indian Ci"i& !er"ice, #er"ed a# !ecretary to the Prime%ini#ter, prior to hi# appointment a# (o"ernor)

rin hi# tenre,#ocia& contro o"er commercia& ban'# +ere introdced a# ane4periment in 196, a# a part of +hich a :ationa& Credit Conci& +a# e#tab&i#hed)

!hort&y thereafter, 1. ma;or commercia& ban'# +ere nationa&i#ed in 1969, a #tep +hich

did not ha"e the endor#ement of the e#er"e Ban')

Amon#t other de"e&opment#, o&d contro +ere broht on a #tattory ba#i#< epo#iIn#rance +a# in princip&e e4tended to Cooperati"e ban'#< the 5ead Ban' !cheme +a

introdced to faci&itate credit de&i"ery, and the #ettin p of the Aric&tra& Credit

Board)5 ha +a# appointed India=# Amba##ador to the nited !tate# in %ay 1970prior to the comp&etion of hi# term a# (o"ernor)

B : Adar'ar 0.-08-1970 to 18-06-

B : Adar'ar he&d the po#t of (o"ernor drin the interrenm ti&& ! aannathan co&

ta'e o"er a# (o"ernor)

*e +a# a profe##iona& economi#t and #er"ed for many year# in the office of the

>conomic Ad"i#er of the (o"ernment of India and ao he&d important po#ition# in th

%ini#try of Commerce ? Ind#try prior to hi# appointment a# the epty (o"ernor of


4/15

! aannathan 16-06-1970 to 19-08-

! aannathan +a# a member of the Indian Ci"i& !er"ice) *e had #er"ed +ith the Cent

(o"ernment and thereafter a# India=# >4ecti"e irector at the @or&d Ban', prior tobein appointed a# the (o"ernor)

*i# tenre of office +a# characteri#ed by a "ery acti"e monetary po&icy in the +a'e of

nprecedented inf&ation in the contry fo&&o+in the oi& #hoc', an e4ponentia& e4pan#iof ban'in office# in pr#ance of one of the important ob;ecti"e# of nationa&i#ation< te#tab&i#hment of Credit (arantee Corporation of India, the #ettin p of !tate 5e"e&

Ban'er#= Committee# and the #hift to f&oatin rate# reime)

*e re&ini#hed office to ta'e p the po#t of the Indian >4ecti"e irector at the I%$

: C !en (pta 19-08-1978 to 19-0-

: C !en (pta +a# appointed (o"ernor for three month# ti&& Pri co&d a##meoffice)

Prior to hi# appointment a# the (o"ernor, he +a# +or'in a# !ecretary to theepartment of Ban'in of the %ini#try of $inance)

Pri 20-0-1978 to 02-08-

Pri #er"ed a# the Chairman and %anain irector of the 5ife In#rance

Corporation of India before hi# appointment a# (o"ernor)rin hi# tenre, eiona& ra& Ban'# +ere #et p< the A#ian C&earin nion

commenced operation#< the t+enty point economic proramme +a# annonced and

operationa&i#ed and a ne+ money #pp&y #erie# introdced)

% :ara#imham 02-08-1977 to 30-11-

% :ara#imham +a# the fir#t and #o far the on&y (o"ernor to be appointed from the

e#er"e Ban' cadre, ha"in ;oined the Ban' a# a e#earch fficer in the >conomicepartment) *e &ater ;oined the (o"ernment and prior to hi# appointment a# (o"ernor

he #er"ed a# Additiona& !ecretary, epartment of >conomic Affair#)

*e had a #hort tenre of #e"en month#) *e &ater #er"ed a# >4ecti"e irector for India

the @or&d Ban' and thereafter at the I%$ after +hich he #er"ed in the %ini#try of$inance a# !ecretary) *e +a# chairper#on of the Committee on the $inancia& !y#tem,

1991 and the Committee of Ban'in !ector eform#, 199)


5/15

r) I ( Pate& 01-12-1977 to 18-09-

r) I ( Pate& an economi#t and admini#trator, ;oined the e#er"e Ban' a# (o"ernor af

#er"in a# !ecretary in the %ini#try of $inance and thereafter at the :P)*i# tenre +itne##ed the demoneti#ation of hih denomination note# a# +e&& a# the o

action#= condcted by the Ban' on beha&f of (o"ernment of India) rin hi# tenre

#i4 pri"ate #ector ban'# +ere nationa&i#ed, taret# for priority #ector &endin introdceand the epo#it In#rance and Credit (arantee Corporation# +ere mered, and a

epartmenta& reorani#ation +a# nderta'en in the Ban') *e p&ayed an acti"e ro&e ina"ai&in of the I%$=# >4tended $nd $aci&ity in 191 de to ba&ance of payment#diffic&tie#) Thi# repre#ented the &are#t arranement in I%$=# hi#tory at the time)

r) %anmohan !inh 16-09-192 to 1.-01-

r %anmohan !inh, academic and admini#trator, had #er"ed a# !ecretary $inance a#

+e&& a# %ember !ecretary of the P&annin Commi##ion prior to hi# appointment a#(o"ernor,

rin hi# tenre comprehen#i"e &ea& reform# +ere carried ot re&ated to the ban'in

#ector and a ne+ chapter introdced in the e#er"e Ban' of India Act and the rban

Ban'# epartment +a# #et p)

After hi# tenre in the Ban', he #er"ed in "ario# capacitie# before bein appointed

$inance %ini#ter) *i# tenre a# $inance %ini#ter +a# notab&e for the fact that he

hera&ded in &ibera&i#ation and comprehen#i"e reform# in India)

A (ho#h 18-01-198 to 0.-02-A (ho#h +a# the epty (o"ernor of the Ban' #ince 192 +hen he +a# appointed

(o"ernor for a brief period of 18 day# ti&& : %a&hotra co&d ta'e o"er) *e +a# ear&i

the chairman of A&&ahabad Ban' prior to hi# appointment a# the epty (o"ernor of thBan') *e +a# ao a irector of the Ind#tria& e"e&opment Ban' of India and the

o"ernin body of the :ationa& In#titte of Ban' %anaement)

: %a&hotra 0.-02-198 to 22-12-

):) %a&hotra, a member of the Indian Admini#trati"e !er"ice, #er"ed a# !ecretary,

$inance and >4ecti"e irector of the I%$) prior to hi# appointment a# (o"ernor)

rin hi# tenre effort# +ere made to de"e&op the money mar'et# and ne+ in#trmen+ere introdced) The i#cont and $inance *o#e of India, the :ationa& *o#in Ban

+ere #et p and the Indira (andhi In#titte of e"e&opment e#earch inarated) In

fie&d of rra& finance, the !er"ice Area Approach +a# adopted a# an approach cata&y#e

the f&o+ of credit throh commercia& ban'#)


6/15

! en'itaramanan 22-12-1990 to 21-12-

! en'itaramanan, a member of the Indian Admini#trati"e !er"ice, had #er"ed a#

$inance !ecretary and ad"i#er to the (o"ernment of arnata'a prior to hi# appointmena# (o"ernor)

The contry faced diffic&tie# re&ated to the e4terna& #ector drin hi# tenre) *i# adro

manaement #a+ the contry tide o"er the ba&ance of payment# cri#i#) *i# term ao #India adopt the I%$=# #tabi&i#ation proramme +here the pee nder+ent a

de"a&ation and the &anch of the proramme of economic reform#)

r) C anara;an 22-12-1992 to 21-11-

r) C anara;an +a# a profe##iona& economi#t) Prior to hi# appointment a# the

(o"ernor, he he&d chare a# epty (o"ernor for o"er a decade) *e +a# ao a membof the P&annin Commi##ion and a member of the Tenth $inance Commi##ion)

*i# tenre a# (o"ernor #a+ nprecedented centra& ban' acti"i#m to pt in p&ace acomprehen#i"e #et of mea#re# to #trenthen and impro"e the competiti"e efficiency othe financia& #ector) :e+ in#tittion# and in#trment# +ere introdced and chane# in

e4chane rate manaement c&minated in the e#tab&i#hment of a nified e4chane rate

In the fie&d of monetary po&icy, hi# tenre #a+ the hi#toric memorandm #ined bet+ethe Ban' and the (o"ernment +hereby a cap +a# pt on the atomatic finance by the

Ban' to the (o"ernment in the form of ad hoc trea#ry bi&)

r) Bima& a&an 22-11-1997 to 06-09-

r) Bima& a&an, #er"ed a# Chief >conomic Ad"i#or to (o"ernment of India, Ban'in!ecretary, $inance !ecretary, %ember !ecretary of P&annin Commi##ion, and

Chairman of the >conomic Ad"i#ory Conci& to the Prime %ini#ter prior to bein

appointed a# (o"ernor) *e had ao repre#ented India on the >4ecti"e Board# of theI%$ and the @or&d Ban')

rin hi# tenre, India +eathered the A#ian Cri#i# and ha# #een the con#o&idation of

ain# of &ibera&i#ation and economic reform#) The monetary po&icy proce## +a#

demy#tified and centra& ban' commnication# mar'ed a percei"ed #hift to+ard#tran#parency)

Thi# period ha# #een a #&e+ of mea#re# to #trenthen the ban'in #ector, e#tab&i#h ne+in#tittion# and introdce ne+ in#trment#) The period ha# been characteri#ed by the

#trenthnin of the ba&ance of payment# and fore4 po#ition,&o+ inf&ation and #oft interrate#)

r) D eddy 06-09-2003 to 08-09-

r) Daa enopa& eddy the t+enty-fir#t (o"ernor, i# a member of the IndianAdmini#trati"e !er"ice) *e ha# #pent mo#t of hi# career in the area# of finance and

p&annin) *e #er"ed a# !ecretary Ban'in/ in %ini#try of $inance, Additiona&!ecretary, %ini#try of Commerce, oint !ecretary in %ini#try of $inance in (o"ernme


7/15

r) ) !bbarao 08-09-200 to

r) ) !bbarao today too' o"er a# the 22nd (o"ernor of the e#er"e Ban' of India)

!bbarao ha# been appointed for a three-year term) Prior to thi# appointment, r)!bbarao +a# the $inance !ecretary in the %ini#try of $inance, (o"ernment of India)

r) !bbarao ha# ear&ier been !ecretary to the Prime %ini#terE# >conomic Ad"i#oryConci& 2008-2007/, &ead economi#t in the @or&d Ban' 1999-200./, $inance !ecretarto the (o"ernment of Andhra Prade#h 1993-9/ and oint !ecretary in the epartment

>conomic Affair#, %ini#try of $inance, (o"ernment of India 19-1993/)

r) !bbarao ha# +ide e4perience in pb&ic finance) In the @or&d Ban', he +or'ed on

i##e# of pb&ic finance in contrie# of Africa and >a#t A#ia) *e manaed a f&a#hip #ton decentra&i#ation acro## ma;or contrie# of >a#t A#ia inc&din China, Indone#ia,

ietnam, Phi&ippine# and Cambodia) r) !bbarao +a# ao in"o&"ed in initiation of fi#

reform# at the #tate &e"e&) r) !bbarao ha# +ritten e4ten#i"e&y on i##e# in pb&ic finan

decentra&i#ation and po&itica& economy of reform#)

Born on A#t 11, 19.9, r) !bbarao ho&d# a B)!c *on#/ in Phy#ic# from the Indian

In#titte of Techno&oy, harapr and %)!c in Phy#ic# from the Indian In#titte of

Techno&oy, anpr) r) !bbarao ao ho&d# an %! deree in >conomic# from hio!tate ni"er#ity) *e +a# a *mphrey fe&&o+ at %IT drin 192-3) *e ha# a Ph)) in

>conomic# +ith the#i# on fi#ca& reform# at the #b-nationa& &e"e&) r) !bbarao +a# a

topper in the A&& India Ci"i& !er"ice e4amination for entry into Indian Admini#trati"e

!er"ice# and Indian $orein !er"ice# in 1972) *e +a# one of the fir#t IITian# to ;oin theci"i& #er"ice)

The eserve %n" of ndi $s set '/ on the bsis of thereommendtions of the o! *ommission on ndin *'rren! nd

inne so "no$n s the iton-8o'ng *ommission


8/15


9/15

First Central Board Of Directors

Shre *ertifites of the eserve %n" of ndi

2/The e#er"e Ban' of India +a# #et p a# a !hare *o&der#E Ban') The !hare I##e of the Ban' offe

inMarch, 1935+a# the &are#t #hare i##e in India at the time) The matter +a# frther compondby the condition# and re#triction# impo#ed nder the Act) The#e condition# re&ated to a&ification


10/15

the #hareho&der#, the eoraphica& di#tribtion and a&&otment of #hare# to a"oid concentration of

#hare# and to en#re that tho#e ho&din the #hare# +ere fit and proper) To #imp&ify matter#, !hareCertificate $orm# of the different rei#ter# +ere printed in different co&or#) e#pite the intricate

iantic natre of the ta#', it +a# carried ot +ith reat Eaccracy and di#patchE)


11/15

A me##ae #ent by the Viceroy to the Governor, Osborne Smith+hen the e#er"e Ban'

India commenced it# operation# on 1#t Apri&, 1938

%e##ae

OSBORNE SMITH GOVERNOR RESERVE BANK CALCUTTA) $55@I:( *A! B>>:>C>I> $% !>C>TAD $ D) B>(I:!, A! >!>> BA: C%%>:C>!

P>ATI:! TAD I TA> PPT:ITD T C:>D D A: D C55>A(>!

T*> BA %D %!T ( @I!*>! A: T >FP>!! %D C:$I>:C> T*AT T*I! (>

:>TAI:( @I55 C:TIBT> 5A(>5D T T*> >C:%IC @>55 B>I:( $ I:IAA: $ IT! P>P5>) PIAT> !>C>TAD IC>D

Reserve Bank of India Commencement - Newspaper Clipping


12/15eserve Bank of India Nationalisation Newspaper : % $s ntionised $ith effm 1st 2n'r!, 1949 on the bsis of the eserve %n" of ndi Trnsfer to 'bi O$nershi/) +t, 19


13/15

shres in the /it of the %n" $ere deemed trnsferred to the *entr Government on /!ment o

tbe om/enstion The imge is ne$s//er i//ing giving the vie$s of Governor CD


14/15

shmukh, prior to nationalization


15/15

're : $$$%orgin

+dit!

currency history about currency notes

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